Team Ranch Master Association
TEAM RANCH MASTER ASSOCIATION
4.01 Purposes, Powers, and Duties of The Master Association. The Master Association shall be formed as a non-profit corporation for the purpose of performing certain functions for the common good and general welfare of the Master Development. The Master Association (a) shall have all of the powers of a Texas non-profit corporation organized under the Texas Non-Profit Corporation Act, and (b) shall have the power and duty to exercise all of the rights, powers, and privileges and to perform all of the duties and obligations of the Master Association as set forth in the Master Declaration.
4.02 Membership in the Master Association. The Association shall automatically be a member of the Master Association and such membership shall terminate only as provided in the Master Declaration. The Association will represent the collective interest of all Owners in teh Master Association. Members of the Association will not be members of the Master Association except collectively through the Association's membership in the Master Association. The Association alone, rather than any of its individual Members will have the right to vote and participate in the affairs of the Master Association.
4.03 Voting Rights
(a) All voting rights in the Master Association will be governed by the Master Declaration
(b) The Master Development will be composed of multiple phases of development. Each such phase will be platted of record in the Office of the Clerk of Tarrant County, Texas, in accordance with the Master Declaration. By acceptance of a deed conveying a Lot, each Owner acknowledges that, upon the filing of plats covering such phases, the total votes outstanding in the Master Association will automatically increase based upon the number of phases added and in accordance with the formula set forth in the Master Declaration, However, nothing contained herein shall obligate the Master Association to develop any proposed phase of the Master Development.
4.04 Master Declaration and master Bylaws. A Master Declaration will be filed in the Office of the Clerk of Tarrant County, Texas, covering all the property of the Master Development. All Owners, by acceptance of a deed conveying a Lot, accept and acknowledge that they will be bound by and subject to the terms and covenants of that Master Declaration and Master Bylaws, and any amendments or successors thereto, regardless of whether the Master Declaration and Master Bylaws, and any amendments or successors thereto, regardless of whether the Master Declaration or Master Bylaws have been executed or filed of record as of the date of acceptance of the deed conveying the Lot.
4.05 Master Association Dues. Notwithstanding any other provision of this Declaration, the Association has the power to levy on all Owners dues or assessments (the "Master Assessments") to cover the payment of any dues, fees, fines, or assessments levied against the Association by the Master Association. The Master Assessment may be levied against the Association by the terms and procedures as other assessments under Article V of this Declaration. However the Master Assessments will be maintained in a separate account and may not be used for purposes of maintaining the Common Property of the Association.